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24/7 Wall St.: States with the Highest (and Lowest) Taxes

States with the Lowest Taxes

2. South Dakota

Taxes paid by residents as pct. of income: 7.6%
Total state and local taxes collected: $2.58 billion (the lowest)
Pct. of total taxes paid by residents: 57.0% (8th lowest)
Pct. of total taxes paid by non-residents: 43.0% (8th highest)

South Dakota collected just under $2.6 billion in taxes in 2010, less than any other state. It collected just $1,857 per resident, less than only Mississippi, Tennessee and Alabama. This is accounted for by the fact that South Dakota has no personal or corporate income tax, although the Tax Foundation noted that there is a bank franchise and bank card tax.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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